HSBC responds to the resignation of two senior executives: It has nothing to do with the Huawei incident

On August 5, when HSBC Holdings disclosed its second quarter 2019 results, it also disclosed a major personnel change, namely that HSBC CEO Stuart T. Fanning will step down.

There are rumors that Fanning’s resignation may be related to the "Huawei case."

Following the resignation of HSBC Group CEO Stuart Gillard, according to Hong Kong media reports, HSBC Bank Greater China CEO Beacon Wong has recently resigned.

According to the information obtained by the Beijing News from HSBC, the group general manager and CEO of Greater China, Huang Bijuan, has decided to resign and seek other development opportunities. In addition, HSBC emphasized that the resignation of Fanning and Huang Bijuan has nothing to do with the Huawei incident.

Earlier, the Financial Times of the United Kingdom disclosed that HSBC, which was targeted by the U.S. Department of Justice for a series of issues such as money laundering and violating sanctions laws, agreed to "cooperate" with the U.S. Department of Justice in other cases in order to escape punishment. Huawei became a victim of this "cooperation", which eventually led to the arrest of Huawei executives.

The Financial Times also reported that HSBC explained to the Chinese side at the beginning of this year that it was "forced". However, Ren Zhengfei said in an interview with the Financial Times that HSBC's statement was problematic.

In July this year, Reuters reported that HSBC helped the US Department of Justice obtain a document that could be used to prosecute Huawei through an "internal investigation", helping the US Department of Justice to fabricate "charges" against Huawei, which ultimately led to the arrest of Huawei executives in Canada.